Tuesday, June 27, 2017

In a report issued Monday afternoon, the Congressional Budget Office released their report on the Senate Republicans’ Obamacare replacement bill. The CBO's analysis of the bill, also known as Trumpcare, shows it will result in 22 million Americans losing their insurance coverage.

The CBO estimated that the staggering number of uninsured Americansis due to the bill's removal of the Obamacare tax penalty on people who don’t purchase insurance.

Most of the uninsured would be people with incomes under 200 percent of the federal poverty level but longer term the number of uninsured will rise due to evisceration of Medicaid spending and lack of eligibility to the program.

According the CBO’s scoring around 15 million people would lose their insurance coverage by 2018 as massive Medicaid cuts (to the tune of $772 billion dollars) and substantially smaller average subsidies for coverage in the non group market would cause the number of the uninsured to grow.

In addition the Senate bill would greatly increase the cost of health care for older people. According to CBO, individuals over age 64 making $56,800 a year could see their premiums for a silver plan triple from $6,800 to $20,500.

The proposed bill would reportedly reduce the federal deficit by $321 billion over the next decade mostly from the gutting of Medicaid and the elimination of the Obamacare taxes on the wealthiest one percent of Americans.